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BRP and the controlling shareholders of its parent company have raised CAN $130 million to strengthen its' financial position, according to a BRP press release.

"The Powersports industry is suffering and times have recently been tough for BRP but we have a solid plan going forward which is result of the concerted efforts of all BRP stakeholders worldwide," said José Boisjoli, BRP's president and chief executive officer.

BRP raised $30 million of reimbursable funds from Investissement Québec to support the company's R&D activities. An additional, $100 million raised by BRP's controlling shareholders and their affiliates, including a $50 million loan from the Société générale de financement du Québec to support BRP's operations.

"We need to adjust to new business conditions resulting from the world economic crisis, while supporting our network and maintaining our brands through innovation," Boisjoli said.

BRP announced in December of 2008 restructuring of their company to reduce costs and increase efficiency. Overhead costs and workforce were reduced significantly, and 2009 production was brought down by almost 30% to reduce inventory at the dealer level, according to a BRP spokesperson.

"Everybody contributed to ensure that BRP remains competitive and returns to growth rapidly. With these additional funds, we will have the option of buying back our debt and we will be in a position of even greater strength, to take advantage of opportunities when the global economy is back on track," Boisjoli said.